The size of the European Radial Compression Devices Market is forecasted to be growing at a prominent CAGR between 2022 to 2027.
The increasing prevalence of cardiovascular disease and the growing population are driving the European Radial compression devices market during the forecast period. Also, because of the therapeutic advantages over femoral interventions, technical improvements and the expanding usage of interventional procedures through the radial artery are rapidly increasing across Europe, likely promoting the market growth.
The initiatives taken by the government to minimize the prices of stents is to help the market gain its advantage over the marketplace because the reduction in the prices of stents increases the demand for the radial compression devices through which market growth is expected to reach high during the forecast period.
Furthermore, the advantages of radial access in a percutaneous coronary intervention (PCI) procedure are likely to drive market expansion. Radial access allows patients to move more quickly; the incision is smaller, and the possibilities of infection at the location are substantially lower than with transfemoral access.
The market is expected to expand its growth across the region owing to the strategic decisions by the market participants. The market strategies include collaborations, mergers, and acquisitions. Further, these strategies strengthen the regional market growth.
The radial artery is smaller than the femoral artery; hence PCI procedures can only be performed through a limited radial approach. In addition, if the catheter diameter exceeds 2 mm, it is difficult for caretakers to utilize; these factors are expected to limit the market growth. However, many concerned industries across the region have been significantly impacted by the global emergence of COVID-19 in the recent period. As a result, the Radial compression devices market had a downfall due to the disruption in the supply chain and lockdown across the region.
This research report on the European radial compression devices market has been segmented and sub-segmented into the following categories.
Geographically, Europe was the second central share-holding region globally in the radial compression devices market in 2020, and it is expected to register a healthy CAGR during the forecast period. The market is expected to be fuelled by the factors such as the availability of the advancing healthcare sector, key market players, and favorable reimbursement policies. In addition, emerging countries such as Germany, the UK, Italy, France, and Spain are expanding the European regional market growth with a significant market share.
Germany accounted for the largest share of the European market, and it is projected to witness a significant share during the forecast period. The Expanding healthcare sectors, technological advancements, high healthcare spending are the factors fuelling the market growth. Also, market participants are implementing various strategies such as partnerships, mergers, and acquisitions to gain a competitive advantage over the marketplace.
Similarly, the UK is one the fastest growing countries in Europe for radial compression devices. The rising prevalence of cardiovascular diseases, government initiatives, and increasing awareness among end-users boost market growth. Advancing healthcare technology in the country provides lucrative growth opportunities for the market players.
On the other hand, emerging countries such as Spain, Italy, and France significantly contribute to regional market growth. In addition, the factors such as supportive government policies, the presence of local players, the increasing patient population, and the presence of leading pharmaceutical companies are contributing to the market growth.
KEY MARKET PLAYERS:
Some of the major companies dominating the market by their products and services include Abbott Laboratories, Comed B.V., Terumo Corporation, Merit Medical, Inc., Vascular Solution Inc., Advanced Vascular Dynamics, and Beijing Demax Medical Technology co., Ltd.
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